2008 Annual report - Sappi

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Notes to the group annual financial statements // continued for the year ended September 2008 35. Directors’ interests (continued) Directors’ interests in contracts The directors have certified that they had no material interest in any significant transaction with either the company or any of its subsidiaries. Therefore there is no conflict of interest with regard to directors’ interests in contracts. 36. Directors’ participation in The Sappi Limited Share Incentive Trust (Scheme) and The Sappi Limited Performance Share Incentive Trust (Plan) Share options, allocation shares and performance shares The following table sets out all share options (whether vested or unvested), all other unvested allocation shares and performance shares granted to, and exercised by, each executive director in terms of the Scheme and the Plan during the year ended September 2008. These interests are also included in ‘Directors’ interests’ in note 35. Details of share dealings are included in the second table. Non-executive directors do not have any allocation shares, share options or performance shares. Executive directors who retire have 12 months in which to settle their share options and allocation shares, unless extension is granted by the remuneration committee of the board of directors. For performance shares there is a formula by which retired executive directors will receive a proportion of any shares which may have vested at the end of the four year period. Executive directors Total Total R J Boëttger (2) M R Thompson (1) 2008 2007 Allocated No of Allocated No of No of No of price shares price shares shares shares Outstanding at September 2007 Number of shares held 100,000 149,000 249,000 633,000 Issue 25 R49.00 3,000 Issue 26 R147.20 15,000 Issue 27 R112.83 15,000 Issue 28a R79.25 18,000 Issue 29 R78.00 18,000 Performance shares 29 (3) 6,000 Performance shares 30 (3) 24,000 Performance shares 30a (3) 50,000 Performance shares 31a (3) 100,000 Offered and accepted Performance shares 32 50,000 40,000 Paid for Number of shares 90,000 Resignation/Retirement as executive director Number of shares 394,000 Appointment as director Number of shares 100,000 178
sappi // 36. Directors’ participation in The Sappi Limited Share Incentive Trust (Scheme) and The Sappi Limited Performance Share Incentive Trust (Plan) (continued) Share options, allocation shares and performance shares (continued) Executive directors Total Total R J Boëttger (2) M R Thompson (1) 2008 2007 Allocated No of Allocated No of No of No of price shares price shares shares shares Outstanding at September 2008 Number of shares held 150,000 189,000 339,000 249,000 Issue 25 R49.00 3,000 Issue 26 R147.20 15,000 Issue 27 R112.83 15,000 Issue 28a R79.25 18,000 Issue 29 R78.00 18,000 Performance shares 29 (3) 6,000 Performance shares 30 (3) 24,000 Performance shares 30a (3) 50,000 Performance shares 31a (3) 100,000 Performance shares 32 50,000 40,000 Expiry dates Issue 25 15 Jan 09 Issue 26 28 Mar 10 Issue 27 13 Feb 11 Issue 28a 30 Dec 11 Issue 29 13 Dec 12 Performance shares 29 (3) 13 Dec 08 Performance shares 30 (3) 13 Dec 09 Performance shares 30a (3) 08 Aug 10 Performance shares 31a (3) 02 Jul 11 Performance shares 32 12 Dec 11 12 Dec 11 Changes in executive directors’ share options, allocation shares and performance shares after year-end. (1) Appointed an executive director on 08 August 2006. (2) Appointed in July 2007. (3) Performance shares are issued when all conditions per Note 30 are met. // 2008 Annual report 179
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annual report 2008
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sappi Our report in overview In pro
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sappi Our performance The group’s
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sappi Target Target Net debt to tot
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sappi Our score on the DJSI World D
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sappi People continued Our commitme
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sappi Our business structure Johann
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sappi Pulp Paper pulp is the main r
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sappi Ideas that matter Print remai
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sappi Objectives for 2009 Meaningf
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sappi Deenadayalen (Len) Konar // (
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sappi Divisional and corporate mana
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sappi We are of the opinion that su
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sappi input cost reductions across
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sappi Q // Will the integration of
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sappi Sappi Fine Paper Mills/ Capac
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sappi deliver excellent service and
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sappi Transaction funding overview
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sappi Sappi Forest Products Mills/
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sappi Demand and prices in the inte
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Risk management Our top risks These
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Risk management // continued Risk m
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Chief financial officer’s report
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Five year review Not restated for I
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Share statistics at September 2008
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Corporate governance We are committ
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Corporate governance // continued E
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Corporate governance // continued A
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Corporate governance // continued r
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Compensation report Compensation co
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Annual financial statements for the
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Directors’ approval The directors
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Directors’ report // continued fo
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Group income statement for the year
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Group cash flow statement for the y
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Group income statement in Rands con
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Group cash flow statement in Rands
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Notes to the group annual financial
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Page 130 and 131: Notes to the group annual financial
Page 184 and 185: Condensed Sappi Limited company inc
Page 186 and 187: Condensed Sappi Limited company cas
Page 188 and 189: Notes to the condensed Sappi Limite
Page 190 and 191: Glossary General definitions bleach
Page 192 and 193: Glossary // continued Non-GAAP fina
Page 194 and 195: Notice to shareholders // continued
Page 196 and 197: Notice to shareholders // continued
Page 198 and 199: Shareholder’s diary Annual genera
Page 200 and 201: Notes to proxy The form of proxy mu
Page 202 and 203: Notes 1. To be effective, this form
Page 204 and 205: Notes 1. To be effective, this form
Page 206: www.sappi.com
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2008 Annual report - Sappi

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